In the wake of Colombia's ratings upgrade to investment status earlier this year and strong second-quarter profits, Colombian state-run oil company Ecopetrol announced last month that it would sell $1.4 billion of stock to pay for investments aimed at doubling production. The company added that it would increase the number of shares more than seven-fold if demand exceeds expectations. Will the investment-grade rating lead to as strong demand for the shares as the company expects? What is the outlook for Ecopetrol and the Colombian oil sector in the short to medium term? What challenges does the Colombian oil industry face?